For a brief period previous year, Uber was profitable in the United States and Canada, the company said.
This year, Lyft ate into Uber's marketshare nationally causing the ride-hail behemoth's hold on the U.S.to fall from 84 percent to 73 percent.
Since its inception, Lyft has kept its operations firmly within the borders of the US.
No specific launch date was announced but Lyft said it "will be around to help ring in the holidays", presumably before Christmas.
Lyft was founded in 2012, and gained recognition using fuzzy, pink moustaches that decorated drivers' cars. although it has since abandoned that branding. Lyft's chief rival, Uber, is already available throughout the US, Canada, and in several more countries internationally.
Lyft raised $1 billion in October, in a financing round led by CapitalG, the growth investment fund of Alphabet Inc and had in September hired an initial public offering advisory firm.
Lyft and Alphabet already have a relationship through a partnership Lyft struck with Waymo, Alphabet's self-driving auto unit, in May.
It has also gained market share in the USA, as Uber's reputation has faltered amid an outcry over its corporate culture and data collection practices.